Mr. Bill Hummel, Fund Evaluation Group, Interim President
Roy, and Mr. Leach presented the committee with the University’s investment
performance for the period ending March 31, 2004. The report was for
information and no action was taken.

OPEN AGENDA

Mr. Riipi presented three internal audits to the committee.
The audits covered the 2004-2005 Proposed Audit Plan, 2003/2004 Purchasing
Audit, and the 2003/2004 Audit of the Financial Statements for WNMU-TV and
WNMU-FM. The committee recommends approval.

Mr. Leach presented to the committee the Audit Scope for
Year Ending June 30, 2004 from the firm Andrews, Hooper, and Pavlik, p.l.c.. The letter was for information
only and no action was taken.

Mr. Leach presented the following budgets to the committee:

·2004-2005 Dining Services and Housing and Residence Life Rate
Schedule

·2004-2005 Auxiliary Operations Budget

·2004-2005 Student Life Budget

·2004-2005 Designated Fund Budget

The above budgets are included in the formals. The
committee recommends approval.

Mr. Leach updated the committee on the status of the General
Fund Base Budget and the three 2004-2005 tuition and fee alternatives. Based
on the current uncertain status of the 2004-2005 State of Michigan Higher
Education Budget, Mr. Leach recommended that the University continue operating
at a budget level no greater than the 2003-2004 budget until the new General
Fund Budget is approved, except that increases required by existing or newly
negotiated union contracts, Fiscal Year 2004-2005 BAC reductions, and Fiscal
Year 2004-2005 President’s Council reductions be implemented. The committee
recommends approval.

Mr. Leach also presented the 2004-2005 Reduction in Force
Plan. The plan is included in the formals. The committee recommends
approval.

Dr. Roy discussed the lease of the Industrial Piping
Building to Northern Initiatives. This was for information only and no
action was taken.

Mr. Leach presented the committee with the Financial
Indicator update. This was for information only and no action was taken.